Dangote Refinery to reposition Nigeria as leading economy in the world, says Dangote
By Cynthia Ezekwe
The Dangote petroleum and petrochemical refinery, which has gulped an estimated $18.5 billion has been positioned on the trajectory to reposition Nigeria as a leading economy in the world.
Aliko Dangote, president Dangote Industries Limited, who disclosed this at the official commissioning of the refinery in Ibeju-Lekki, Lagos state, noted that once the petrochemical plant is fully onstream, 40 per cent of its capacity will be available for exports, which will lead to more foreign exchange inflows into the country.
Dangote further stated that the petrochemical plant with a capacity to produce 650,000 barrels of crude oil per day, will not only generate foreign exchange inflows into the country, but also create lots of job opportunities for the teeming population.
“While the refinery operation and ancillary businesses will generate massive job opportunities, the downstream value chain will equally provide far more absorptive capacity for labour in hundreds of thousands,’’ Dangote said.
Speaking further, the industrialist stated that beyond the availability of high-quality fuel for the transportation sector, the refinery will provide raw materials for manufacturers in sectors like food and beverage, plastics, pharmaceuticals amongst other industries.
Also speaking at the event, Godwin Emefiele, governor of the Central bank of Nigeria (CBN),noted that the newly commissioned refinery will save the country $25 billion to $30 billion in foreign exchange annually, adding that an estimated $10 billion will be earned annually from the exports of refined petroleum products.
Babajide Sanwo-Olu, Lagos state governor in his goodwill message expressed his optimism over the new refinery, adding that the petrochemical plant will create jobs for the unemployed youth.
On his part, Mele Kolo Kyari, the group managing director of Nigerian National Petroleum Corporation (NNPC), described the refinery as a significant project that will enable Nigeria to become a net exporter of refined petroleum products.